Shiba Inu is now ranked 14th
The price of the meme currency skyrocketed by more than 30% on August 14, enabling it to move up to the 12th position by market cap.
Shiba Inu has maintained a vibrant community that appears to be expanding in spite of its unimpressive pricing performance.
Shiba Inu Ranked 14th
On CoinMarketCap, Shiba Inu (SHIB), the second-largest meme cryptocurrency, has fallen behind Polygon (MATIC) and Dai (DAI). It lost over 7% during the last week, and as measured by market capitalization, it is now ranked 14th.
The price of the meme currency skyrocketed by more than 30% on August 14, enabling it to move up to the 12th position by market cap. Since Dogecoin was also strongly rising at the time, it appeared as though the meme coin season had returned. This bullish impetus, though, swiftly faded. Veteran trader Peter Brandt recently stated, as reported by many sources, that the SHIB token was a turning point after creating an inverted head-and-shoulders pattern.
The Meme Coin Came Crashing Down
The meme currency is approximately 33% below its high on August 14. It is being traded on the platform at the time of publication for 0.00001235. One of the year’s greatest laggards, the meme currency crashed 64%. The token is currently down 85.70% from its October high. Comparatively speaking, Dogecoin has fared considerably worse, losing 91.27% of its gains since last May.
Shiba Inu has maintained a vibrant community that appears to be expanding in spite of its unimpressive pricing performance. According to sources, the official token account just outnumbered Dogecoin, the first meme coin, in terms of followers. After U.S. Federal Reserve Chair Jerome Powell reiterated his gloomy attitude in Jackson Hole, Wyoming earlier this week, the whole cryptocurrency market has given in to bearish pressure.
Source: https://www.thecoinrepublic.com/2022/08/31/a-bearish-trend-for-shiba-inu/